Whether you’re facing an IRS tax audit or need to set up some estate planning, you need to hire a tax attorney. These professionals spend years in school obtaining Bachelor’s degrees, juris doctorates, and even further advanced degrees, such as Master’s degrees and doctorates in accounting, in order to represent…
Closing a business, no matter the reason, is always a complicated endeavor. There’s inventory to sell off, office leases to cancel or pay off, employees to let go, and more. Many people don’t realize just how detailed you need to be in order to get everything done properly, including taking…
According to a recent report, the IRS has overlooked substantial tax amounts that S-corporation executives should have claimed on their income tax forms and paid taxes on. Those amounts, which add up to billions of dollars, should have been rightfully declared and added to the government’s coffers to help pay…
While the IRS has spent years developing methods to find and prosecute people and businesses who commit tax fraud, they have recently begun ramping things up in order to make their efforts more effective. As a result, more people are being audited, and even more discrepancies are being found. In…
The COVID-19 pandemic threw many people’s lives into chaos, but none quite so much as the small business owner. These companies, which range in size from one single employee to up to one hundred or more, all suffered plenty of losses. Revenue was down, businesses had to close their doors…
In 2020, due to the economic hardships that small businesses suffered thanks to the COVID-19 pandemic, the Federal Government put a number of plans into place to provide support and relief. These bills created the Paycheck Protection Program, the Emergency Capital Investment Program, and Small Business Tax Credit Programs, among…
Small businesses have a number of advantages at tax time, namely tax credits and deductions. They are eligible to claim both, depending on the circumstances and the specific credit or deduction. The tricky part lies in knowing which ones to claim, as well as understanding the difference between the two….
Making the decision to close your business is not easy. Whether you have simply lost interest in running the business, have failed to find someone to sell it to, or are struggling financially due to lost revenue, there is a sequence of steps that must be followed once you choose…
Everyone, from small business owners to independent contractors, knows there some extremely specific advantages to incorporating. Not only do you receive some protection in case of liability, since the business is held liable, instead of you – the individual owner – (although this depends largely on the circumstances, of course),…
Federal tax law provides favorable tax treatment for various “qualified” retirement plans by deferring income tax on contributions made by workers. The Internal Revenue Code (IRC) limits the annual amount that workers can contribute to qualified plans. Executives at large corporations have another option for retirement savings that allows them…
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